No Valuation In Action

Following the extension of our “No Valuation” product we wanted to highlight some recent cases where our intemediaries utilised the no valuation facility for increased flexibility and extremely efficient drawdowns for their clients :

No valuation secured on an equitable charge facility at 35% LTV

Intermediary: 

The intermediary was approached by a client in need of funds for a business investment opportunity.

No Val In Action:

Our underwriters were quickly able to assess the case and recognised that the loan was eligible for the no val product and could be secured through an equitable charge on the borrower’s property. The loan was to be funded with an LTV under the 60% threshold and with the facility not requiring any development works either we were able to underwrite the loan with the no val offering.

The Outcome: 

With the facility meeting the no val criteria we were able to expedite the loan draw down with no debenture or PG’s needed and the intermediary had their AIP within 60 minutes which the borrower accepted. The borrower was able to draw down their £150,000 loan which had an 18 month term within 5 days of their first enquiry.

No valuation secured on an equitable charge facility at 43% LTV

Intermediary: 

The borrower who was undertaking a development approached an intermediary in need of fast access to funds in order to annul a bankruptcy from a separate business. They had a petition from HMRC due to an unpaid tax bill and time was now a critical factor in order to meet the repayment demands. The borrower was looking to raise an equitable charge on their property and once the intermediary assessed the client’s needs they recognised that Mint’s no valuation product would be the perfect option.

No Val In Action:

Our speed team underwriters assessed the borrower’s needs and on establishing from the asset managers report the property’s value and that the facility included an LTV of sub 60% we were able to provide funding via the no valuation product. In order to facilitate the loan, we included a condition subsequent that should the development they were undertaking not be completed within 6 months then they would need to put the property on the market.

The Outcome: 

With no works required as the loan was funding the outstanding tax bill and the LTV being sub 60% on the secured property we were able to expedite the loan with no debenture or PG’s required. The intermediary received their AIP within 60 minutes of enquiry which the borrower accepted. The borrower was able to draw down their £112,500 loan within 5 days of their first enquiry.

With The No Valuation Product Take Advantage of:

Reduced red tape, increased speed, quicker commissions, improved borrower journeys and of course no property valuations

*No Valuation Eligibility:

To be eligible for the no valuation product the following criteria needs to be adhered to:

  • Max property value £1.5M
  • Sub 60% loan to value
  • The asset needs to be a kerbside property
  • The no valuation product is not eligible on properties requiring refurbishment works

No Valuation Eligibility Check

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We Listened To Our Partners To Provide

A Product That Delivers More

Transparency

All intermediaries & borrowers have

direct access to underwriters

throughout the process

Increased Acceptances

We’ve substantially reduced the

red-tape to get your clients

funded & broker deals agreed

Commissions At Speed

Intermediaries get paid direct

on the same day that their

client deal completes

Some Recent Mint Finding Success Stories